"Our recognition of Treasury Wine Estates does not impact our ongoing consideration of a demerger of our wine interests, nor does it represent fundamental change in our business model," CEO Ian Johnston said in a statement Wednesday.

With more than 4,000 employees and 30,000 acres of vineyards in six countries, Treasury produces more than 35 million cases of wine annually and generates more than $1.8 billion in annual revenues.

Foster's is best known for its beer, but in Sonoma County it owns Chateau St. Jean and Asti. Its Napa Valley properties include Beringer Vineyards, St. Clement, Etude and Stag's Leap Winery.